8. (1) The Managing Director shall be appointed by the Government for such period and on such salary, terms and conditions as the Government may determine.
(2) The Managing Director shall-
(a) be a Director of the Board;
(b) be a whole time officer and the chief executive of the Corporation;
(c) exercise such powers, perform such functions and discharge such duties as may be entrusted to him by the Government or as may be prescribed or assigned to him by the Board from time to time; and
(d) divest himself of any directorship held by him in any other corporation, company or concern otherwise than on behalf of the Corporation.
(3) If, in the opinion of the Government, the Managing Director appointed under sub-section (1) is, for illness or for any other reason, incapable of performing his duties under this Act, the Government may appoint another person to perform the duties of the Managing Director during the period of such incapability, and the person so appointed shall be exempt from the provision of clause (d) of sub-section (2).